Mortgage Glossary

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Expropriation

The owner of property may be forced to transfer all, or part of his property to federal governments, local governments, or local school boards. By expropriating the property, the government (or school board) must pay compensation for taking the land. If the parties cannot agree upon a price there is a provision for arbitration or judicial proceedings to determine the amount to be paid.

 

 

 

 

 

 

 

 

 

 

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